I am acquiring a brand new flat in Worcestershire and my solicitor is informing me that she has to the bank to disclose incentives from the seller. The Estate Agents are hassling me to sign contracts and I would rather not prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We note that you have a search directory listing solicitors on the Skipton conveyancing panel. Do firms pay you a commission if I retain them for our conveyancing in Worcestershire?
We are a listing service only for law firms wishing to communicate if they are on the Skipton conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Worcestershire.
I have a decision in principle. The lender mentioned the loan came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would prefer to instruct a Worcestershire based conveyancing firm?
You should check but the the likelihood is that give you one of their panel conveyancers should you accept the "fee-free" incentive. Speak to the lender to see if they allow a cash alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Worcestershire.
Please help - my lawyer says that chancel insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Worcestershire?
The appropriate level of chancel indemnity insurance depends on your lender. It would differ for example between Barclays and The Mortgage Works. Conveyancing solicitors as opposed to members of the public take out such insurances.
When it comes to lenders such as UBS, do Worcestershire conveyancers face an annual charge to be on the list of approved solicitors?
We are unaware of any lender fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I have paid off my mortgage with Virgin Money. I assume I don't need a Worcestershire property lawyer on the Virgin Money panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
I am looking for a leasehold apartment up to £245,000 and identified one near me in Worcestershire I like with open areas and transport links in the vicinity, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Worcestershire in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
Am I better off to choose a Worcestershire conveyancing practitioner in close proximity to the house I am hoping to buy? I have an old university friend who can perform the legal work however her office is 300kilometers drive away.
The benefit of a local Worcestershire conveyancing firm is that you can visit the firm to sign documents, present your ID and pester them if necessary. Having local Worcestershire know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and in the main were content that must surpass using an unknown Worcestershire conveyancing lawyer just because they are local.